Source:GlobeNewswire
New York, NY, April 16, 2019 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Rare Earth Metals Market by Product (Cerium, Lanthanum, Neodymium, Praseodymium, and Others) and by Application (Catalyst, Magnets, Ceramics, Metallurgy, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2025”. According to the report, the global rare earth metals market was valued at approximately USD 8.10 billion in 2018 and is expected to generate around USD 14.43 billion by 2025, at a CAGR of around 8.6% between 2019 and 2025.
Rare earth metals are a group of chemical elements that are found in the Earth crust with an atomic number ranging from 57 to 71. Rare earth metals are crucial to various modern technologies, including clean energy, consumer electronics, computers and networks, advanced transportation, communications, healthcare, environmental mitigation, national defense, etc. The global rare earth metals market is likely to experience notable growth in the future, owing to the increasing demand and escalating adoption of rare earth metals in the magnet industry. With technological advancements, rare earth metals are gaining acceptance in the field of consumer goods. For instance, Neodymium is popularly used in smartphones, lasers, televisions, hard drives, and rechargeable batteries. Furthermore, the growing exploration activities in un-mined regions across the globe are likely to foster market development in the upcoming years. The renewable energy sector is the biggest consumer of rare earth metals. Permanent magnets from neodymium are widely used in wind turbines. However, the price volatility of raw materials may hamper market growth in the future.
By product, the rare earth metals market is segmented into cerium, lanthanum, neodymium, praseodymium, and others. The cerium segment is expected to dominate the global market in the future, owing to the growing acceptance of cerium in a large number of applications. By application, the market is categorized into catalyst, magnets, ceramics, metallurgy, and others. Magnets are expected to dominate the global market in the future. Neodymium is extensively used for making magnets. Additionally, the rising acceptance of neodymium in the renewable energy sector is likely to drive this segment’s growth in the years ahead.
By region, Asia Pacific contributed an extensive revenue share in the global rare earth metals market in 2018 and is expected to continue with its regional authority in the upcoming years as well. This can be attributed to the growing production of rare earth metals across the region. China is the biggest producer of rare earth metals followed by India. Moreover, rather than exporting rare earth metals, China is also concentrating on utilizing these rare earth metals for domestic technological applications.
The European rare earth metals market is projected to show the highest growth rate over the forecast timeframe, due to the rising mining activities to extract the rare earth deposits found in Sweden, Finland, Greece, and Spain. Additionally, EU-funded EURARE project focuses to set up the basis for a European rare earth industry by finding ways to supply both raw materials and rare earth products for industrial use, such as automotive, electronics, machinery, and chemical.
North America is expected to provide significant opportunities for the global rare earth metals market, owing to the growing adoption of rare earth metals in various technological applications and the rising need for rare earth metals in electronic devices.
Some key players of the rare earth metals market are Lynas Corporation Ltd., Molycorp, Inner Mongolia Baotou Steel, Chinalco Yunnan Copper Resources Ltd., Rare Elements Resources Ltd., Greenland Rare Earth and Energy Ltd., Alkane Resources, Indian Rare Earths, Arafura Resources, Avalon Rare Metals, Great Western Minerals Group, Rare-Earth Hi-Tech Co, and China Rare Earth Holdings.